EquityPandit’s Outlook for Nifty Bank for the week (Mar 25, 2019 – Mar 29, 2019) :
NIFTY BANK Index closed the week on positive note gaining +659.40 Points (+2.28%).
Weekly High: 30008.10
Weekly Low: 28990.80
Weekly Close: 29582.50
We have seen mammoth rally in bank nifty in last few weeks which led bank nifty to touch psychological levels of 30000, as we predicted last week if bank nifty sustains above 29600 we may see rally till 30200 and bank nifty touched the levels of 30008.10
Technically on the daily charts we see minor support on the downside for index lies at 29350- 29400 levels, whereas minor resistance on the upside is capped around 30200- 30250 levels.
If Nifty bank index breaches minor support on the downside and closes below it we may see fresh break down and index can drag index towards major support on lower side around 28800- 28700 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and index can head towards higher levels around 30500- 30600
Currently Nifty bank index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 30500-30600 on upside and 28800- 28700 on downside.